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High Expected Value, Uncertain Timing

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Greenhaven Road Capital, an investment management company, released its second-quarter 2025 investor letter. A copy of the letter can be downloaded here. A copy of the letter can be downloaded here. In the second quarter, the fund returned approximately +14% net of fees and expenses, bringing the YTD returns to under +1%. YTD, the Russell 2000 has returned -1.8%. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

In its second-quarter 2025 investor letter, Greenhaven Road Capital highlighted stocks such as PAR Technology Corporation (NYSE:PAR). PAR Technology Corporation (NYSE:PAR) offers omnichannel cloud-based hardware and software solutions to the restaurant and retail industries. The one-month return of PAR Technology Corporation (NYSE:PAR) was -25.90%, and its shares lost 1.82% of their value over the last 52 weeks. On August 18, 2025, PAR Technology Corporation (NYSE:PAR) stock closed at $52.25 per share, with a market capitalization of $2.12 billion.

Greenhaven Road Capital stated the following regarding PAR Technology Corporation (NYSE:PAR) in its second quarter 2025 investor letter:

“PAR Technology Corporation (NYSE:PAR) – PAR is another difficult company to forecast earnings precisely. The company primarily adds new customers through RFP processes, the duration and outcome of which are not known. Even after winning an RFP, the implementation timeline is dictated by the customer. This past quarter saw a rollout implementation slowdown from Burger King, their largest customer, which halted implementation because they are adopting an additional module. This is a very “good” problem to have – your largest customer slowing down to buy more product. It is also worth noting that Burger King has several additional cross-sale opportunities including Popeye’s, Tim Hortons, and Burger King International. Burger King buying more is an excellent data point even if it had a negative impact on last quarter’s revenue.

Jake Paul to fight world champion Gervonta Davis on 14 November

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Jake Paul will take on WBA lightweight champion Gervonta Davis in an exhibition fight in Atlanta, Georgia on 14 November.

Davis’ title will not be on the line because of the huge gulf in weight between the two men.

Paul weighed 200lbs for his last bout with Davis currently campaigning at 135lb.

Youtuber-turned-boxer Paul found fame on the Disney Channel and then as an influencer before stepping into the world of boxing and has a record of 12 wins and one defeat as a professional.

“Yes, he is one of the top pound-for-pound boxers in the world, but my motto is anyone, anytime, anyplace, against all odds,” Paul wrote on X, external.

Paul added “first David, then Goliath” in what could be seen as a reference to reports he was in talks over a fight with British heavyweight Anthony Joshua.

Matchroom’s Eddie Hearn, who promotes Joshua, recently told BBC Sport that Paul could likely be next for the two-time heavyweight champion when he returns from injury in 2026.

American Davis is undefeated in 31 fights as a professional, winning 30 and drawing one, with 28 of his victories coming by knockout.

Israel prepares Gaza City offensive, calls up 60,000 reservists

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The Israeli military said Wednesday that it is calling up around tens of thousands of reservists before the expanded military incursion into Gaza City, even as the country’s government is considering a new proposal for a ceasefire with Palestinian militant group Hamas. 

“As part of the next phase of Operation ‘Gideon’s Chariots’, ~60,000 reserve orders were issued this morning, and 20,000 reservists had their service extended. The IDF values its reservists and their vital role in Israel’s security,” the Israeli Defense Forces (IDF) said Wednesday morning in a post on social platform X. 

The IDF will be conducting a “gradual, precise and targeted” operation in and around Gaza City, “which currently serves as Hamas’s main military and governing stronghold,” said an Israeli military official, speaking on condition of anonymity, who briefed the press. 

The military official said IDF soldiers will operate in the areas of Gaza City where they have not previously gone. Most of the reservists are not expected to operate in Gaza City. 

“All that said, in Gaza, the main forces operating on the next stage of the operation will be our active duty forces. We will have five divisions operating in Gaza in different operations focusing on Gaza City,” the military official said Wednesday. 

Israeli Prime Minister Benjamin Netanyahu greenlighted the plan to escalate the offensive in Gaza, arguing earlier this month that the Jewish state “has no choice but to finish the job and complete the defeat” of Hamas.

Israel has received pushback from allies in Europe over the planned offensive, while the prime minister has been under pressure from members of his coalition to keep the conflict going and shoot down the temporary ceasefire proposal.

Hundreds of thousands of demonstrators have protested Israel’s military operation in the war-torn enclave, calling for the safe return of hostages. 

“The only way to bring (hostages) back is through a deal, all at once, without games,” said former hostage Arbel Yehoud, whose boyfriend, Ariel Cunio, is still in Hamas captivity. 

The operation in and around Gaza City will be “gradual, precise and planned out,” encompassing a “very large scale humanitarian plan going by at the same time, simultaneously providing everything needed: food, shelter in areas, working on providing new field hospitals,” according to the military official. 

The recent 60-day ceasefire proposal brought by Arab intermediaries was accepted by Hamas, which is designated as a terrorist organization by the U.S. government. The Israeli government is reviewing the proposal. 

Israel has said that about 50 hostages remain in Gaza, all of whom the government is pushing to be freed. The Israeli government has said that about 20 20 hostages are still alive. 

The latest proposal is similar to the one brought by President Trump’s special envoy Steve Witkoff, according to Egyptian Foreign Minister Badr Abdelatty.

“The ball is now in Israel’s court. We would like a positive response from them as soon as possible in order to deal with the disastrous situation in Gaza, especially the starvation and the killing of civilians,” Egypt’s foreign minister told NBC News on Tuesday. 

The war, which has been ongoing for nearly two years, started on Oct. 7, 2023, when Hamas militants attacked southern Israel, killing around 1,200 people and taking about 250 people hostage. Since then, the Israeli military offensive has killed more than 62,000 Palestinians, according to the Hamas-run Gaza Health Ministry. The tally does not distinguish between combatants and civilians. 

Netanyahu has previously said that he is against any deal that would leave Hamas as the ruling faction in Gaza, although many Israelis worry that the new offensive in the enclave could put the rest of the remaining hostages in danger. 

“Ahead of approval of the plans for the operation in Gaza City, Prime Minister Benjamin Netanyahu has directed that the timetables — for seizing control of the last terrorist strongholds and the defeat of Hamas — be shortened,” Netanyahu’s office said in a statement on Thursday. 

“The Prime Minister expresses his great appreciation for the reservist fighters who have been mobilized and their families, and all IDF soldiers,” his office added. “Together we will win.”

Market Update: CSCO, HD, NUE, BUD, COIN

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Market Update: CSCO, HD, NUE, BUD, COIN

Alexander Isak: Newcastle striker and the ‘nuclear’ row

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Newcastle have seen it from both sides, of course.

Just as Isak is training away from the group on Tyneside, Newcastle target Yoane Wissa previously had a stint working on his own at Brentford.

Newcastle identified Wissa as a potential replacement for Callum Wilson, who left following the expiry of his contract last month, and the club have had a fresh bid turned down for the DR Congo international.

Trying to sign one quality frontman has proved difficult enough for Newcastle – let alone an additional centre-forward like Hugo Ekitike, Benjamin Sesko or Joao Pedro, who chose to move elsewhere.

Recruiting two heavyweight strikers in the final days of the window feels a huge ask, but there is also something far bigger at play here, too.

What sort of precedent would it set if Newcastle were to meekly wave off a player with three years left on his contract, especially to the champions?

Newcastle have instead held firm – rejecting a £110m bid earlier this month – and the club do not foresee the “conditions of sale” being met before the window shuts on 1 September.

If that proves to be the case, could there really be a way back for Isak after the away end called the 25-year-old”greedy” and sang about him “not caring about us” at Villa Park last week?

Thomas Concannon, a member of the Wor Flags group, who helped put together the Alexander the Great tribute display last season, has been left “bewildered” by Isak going “completely nuclear”.

But the Geordie, like the club, has not closed the door on the Swede being reintegrated.

“I don’t think Newcastle are going to be able to find any suitable replacement at this stage,” he added. “If anything, that’s where Isak’s frustration should be because there was a possible suitable replacement [Ekitike], but Liverpool bought him instead.

“I do think there is a way back because, ultimately, he has to play football. If he scored a few big goals, I think some would be willing to forgive.

“He has burned bridges, but my personal opinion is if he scores some big goals and starts playing well again, that would go a long way.”

Forests managed by timber companies more likely to fuel megafires: Study

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The threat of high-severity wildfires in forests controlled by private timber companies may be much greater than in those managed by public lands agencies, a new study has found.

That risk was nearly one-and-a-half times higher in surveys conducted across California’s northern Sierra Nevada, scientists determined in the study, published on Wednesday in Global Change Biology.

Forests managed by timber companies, the authors observed, were more likely to exhibit ideal ignition conditions for megafires: dense communities of uniformly spaced trees, with continuous vegetation that connects the understory to the canopy.

“You can think about stacking a bunch of matches together in a grid —that’s going to burn a lot better than if you have those matches dispersed as smaller clumps,” lead author Jacob Levine, a postdoctoral researcher at the University of Utah, said in a statement.

Levine and his colleagues leveraged a unique dataset available via a multiagency federal effort to deploy airborne light detection and ranging (LiDAR) sensing systems.

Specifically, in 2018, the U.S. Forest Service, the U.S. Geological Service and NASA decided to begin surveying California’s Plumas National Forest and surrounding private lands using this LiDAR flight technology.

The technology works by emitting billions of laser pulses — which then bounce off the grass, shrubs, saplings, tree canopies and other forest structures — and then measuring with high-precision how much time the light takes to return. These measurements can then provide accurate assessments of distances, terrain elevation and other relevant information.

Plumas National Forest, the authors explained, is emblematic of a broader trend of wildfire occurrence and intensity — and “a mosaic of private industrial and public ownership.”

The region’s mixed conifers have adapted to periodic low- to medium-severity blazes that scorch vegetation and leave behind clumps of trees, the researchers noted. But efforts since the 1800s to boost U.S. timber production and suppress fires, they explained, have disrupted natural fire cycles and increased fodder for future blazes.

About 70 percent of the study area was burned in five massive blazes between 2019 and 2021, including the 2021 Dixie Fire — the single biggest fire in California’s recorded history, according to the study.

And it just so happens — in a manner that the authors described as “serendipitous” — that the multiagency LiDAR dataset was collected the year before these blazes began.

“We have a really detailed picture of what the forest looked like immediately before these massive fires,” Levine said.

Levine and his team analyzed the patterns of burn severity in the five fires, which collectively burned about 1.1 million acres within Plumas National Forest. The fires all began on public land, but their effects were far more severe in the privately owned areas.

About 81.6 percent of the study area was managed by public land agencies, while just 11.7 percent was owned by private industrial timber companies and 6.6 percent by non-industrial private entities, according to the study.

Private industrial ownership, the authors found, was associated with a 1.45-times surge in the odds of high-severity fire in comparison to publicly owned land and a 2.1-times increase relative to the non-industrial private zones.

They also discovered that the heightened risks applied to areas near, but not owned by, the private industrial companies — posing a threat to the wilderness, to small landowners and to adjacent urban communities. 

“A bigger fire can easily reach the canopy in dense forests,” Levine said. “Then it’s ripping through one tree after another, tossing out chunks of burning material miles in advance.”

Different from the grid-like forests controlled by the timber industry, public lands tend to be used for a wider range of purposes, including grazing, recreation, restoration and wildlife corridors, the authors noted. These lands, they explained, are also beholden to the public and environmental lawsuits, which often sue to stop tree removals.

The researchers expressed hope that their findings could help adjust policies governing landscape management — and thereby steer the way blazes burn through such woodlands.

Thanks to their access to the forest data from before and after the blazes, Levine said that the researchers were able to understand the types of forest structures that lead to high-severity blazes.

That knowledge, in turn, enables stakeholders “to target mitigation strategies to get ahead of this massive fire problem while still producing enough timber to meet market demand,” Levine added.

Analyst Report: Nucor Corp.

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Analyst Report: Nucor Corp.

Arsenal make move for Palace star Eze

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Arsenal launch a move for Crystal Palace attacker Eberechi Eze.

Where’s JD Vance? VP takes eighth vacation in seven months 

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Vice President JD Vance has been in office since January, and already he’s racked up more vacation days than most Americans could dream of in a decade. The man who built his brand railing against “elites” has basically become one — living like the very people he claimed to stand against.  

His latest trip? A summer holiday in the Cotswolds, the region of England nicknamed “the Hamptons of the UK.” Vance rented a sprawling manor that goes for about $10,000 a week. Between his motorcades clogging tiny country roads and the protests that followed him across the pond, it’s safe to say his family getaway got more press than privacy.  

But this isn’t an isolated incident. This is vacation No.8 this year.  

Italy, India, Nantucket, Disneyland, Vermont, Greenland — wherever you can name, he’s been. Some of those vacations he even labeled as “official business,” meaning taxpayers footed the bill. Like in March, when he flew with the second lady to Greenland during the height of Trump’s fixation with the territory. The trip was so poorly received by Greenland’s government that it was cut it short from a multi-day trip to a three hours’ trip.    

Imagine flying all that way for less time than most people spend at a barbecue. The only thing that came from the trip were some Instagram-ready photos of Vance and his wife in the snow.  

Then there’s Disneyland, which he shut down for his family. Then there’s a $2,500 Michelin-starred dinner in San Diego. And who could forget his birthday kayak trip, when the military literally raised the level of an Ohio river just to smooth out his paddling conditions. That’s not just elite — that’s emperor-level.  

The bigger question is: how does he have so much time off? Most Americans can’t even get two consecutive weeks approved without begging their boss. Yet the sitting vice president has managed to disappear almost every month since taking office. For context, Mike Pence barely took personal trips in his first six months. Kamala Harris didn’t take a single personal vacation in hers.  

Meanwhile, families here at home are being crushed under the weight of rising costs. Groceries, health care, gas — everyday basics are becoming luxuries. And while Americans are forced to “do more with less,” their vice president seems determined to “do less with more.”  

The optics matter. When you’re the right-hand man to Donald Trump, the guy who wants to convince working-class America that he’s their champion, jet-setting across the globe on lavish retreats doesn’t scream solidarity. It screams out-of-touch.  

So as the bills pile up and medical benefits shrink because of the “big beautiful bill,” JD Vance may be hard to find. Not in Washington. Not in Ohio. But likely on vacation — again.  

The message is clear: while everyday Americans are fighting to make ends meet, JD Vance is fighting to make his next reservation.  

Lindsey Granger is a News Nation contributor and co-host of The Hill’s commentary show “Rising.” This column is an edited transcription of her on-air commentary. 

Jessica Alba’s Ex Cash Warren Confirms New Romance

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At first, JoJo Siwa and Chris Hughes seemed to be dancing around their connection.

After growing close on Celebrity Big Brother and insisting for weeks that they were just friends, the Dance Moms alum and the Love Island star finally confirmed their relationship had evolved to something more.

“It’s not platonic any more,” JoJo admitted to The Guardian in an interview shared June 2, “and it’s been a beautiful development, a beautiful connection, and I’m absolutely head over heels for him and he’s the same way.”

In fact, Chris says they’ve already thought about next steps.

“I’d love to marry her,” he told The Sun‘s Fabulous. “I’d be lying if I didn’t tell you I run through scenarios of our wedding day. We’d have a proper English wedding and I can imagine her in a full wedding dress. We both want kids. We come from loving families. My mum loves her. She’s my best friend. I love that she’s the person I have to do nothing with and still have the best time. That’s everything to me.”